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re: austindo - activities report...
USTINDO RESOURCES CORPORATION NL 2003-01-17 ASX-SIGNAL-G
HOMEX - Sydney
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THREE MONTHS ENDING DECEMBER 2002
HIGHLIGHTS
CIBALIUNG PROJECT - BANTEN, INDONESIA
* Regional exploration encouragement with high grade channel sample,
0.6m at 11.8 g/t Au, from trenching at north part of Rorah Kadal
prospect.
* First scout drill hole at Rorah Kadal, AC-053, returned significant
vein intercepts (>3 g/t Au cut-off) of 1m @ 5.4 g/t Au & 44 g/t Ag
from 70.8m and 0.85m @ 9.8 g/t Au & 84 g/t Ag from 76.1m.
* Four extension drill holes completed for 1,518m at Cibitung and
Cikoneng deposits. Drill hole AC-049 extended the strike of
mineralization at the base of Cibitung shoot to the north with
significant intercept of 5m @ 4.8 g/t Au & 93 g/t Ag from 330.8m.
Drill hole AC-51 extended the strike of mineralization at the base of
Cikoneng shoot to the south with significant intercept of 1.9m @ 17.7
g/t Au & 390 g/t Ag from 377.9m.
* Revision of Pre-Feasibility study commenced to account for updated
geological interpretation based on extension drilling and revised
cut-off grades due to 15% increase in gold price.
MT ALEXANDER GOLDFIELDS - VICTORIA, AUSTRALIA
* Compilation and interpretation of data commenced for both project
areas and field exploration work to start early in Q1 - 2003.
CORPORATE
* Appointment of new Managing Director & CEO.
EXPENDITURE
* Exploration expenditure during the quarter was A$498,965.
Ian Price
MANAGING DIRECTOR & CEO
For further information please contact:
Andrew J Cooke, COMPANY SECRETARY
Telephone (61-2) 9925 0155; Facsimile (61-2) 9964 0080
or by email to [email protected]
MORE TO FOLLOW
AUSTINDO RESOURCES CORPORATION NL 2003-01-17 ASX-SIGNAL-G
HOMEX - Sydney
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CIBALIUNG PROJECT
Work at Cibaliung during the quarter focused on defining extensions
to the Cikoneng and Cibitung resources and on defining and testing
new targets to the south.
EXPLORATION
RORAH KADAL
Excavation of trench TR-05 in the north of the prospect was completed
(refer Figure 1). The most significant result was 0.6m at 11.8 g/t Au
and 6 g/t Ag taken across a north-trending fault-vein in the east leg
of the trench. Excavation of trench TR-06, 75m north of TR-05 is in
progress.
STRUCTURAL EXPLORATION MODEL
Follow-up geological mapping in the areas 884,000 ounces was produced from hard
rock sources. The largest single producer, Wattle Gully, yielded 1.23
million tonnes of ore at a recovered grade of 10.5g/t gold (415,000
ounces of gold) over a strike length of 900 metres and to a depth of
325 metres.
Over 2000 occurrences of hard rock gold mineralization have been
noted to occur within the tenements. Of these approximately 40 have
produced in excess of 1000 ounces of gold and three have produced in
excess of one tonne of gold. Most of
scale reconnaissance mapping and will enable a more accurate
depiction of structures controlling mineralisation in the district,
and improve targeting at the local scale.
LAND ACCESS
Support was received from regional government during the quarter with
the official zonation of exploration and mining as an allowable land
use in the district's spatial plan, and approval to commence a
surface exploration program on plantation land to the east and south
of the Cibitung deposit, subject to payment of fair compensation to
land users for any surface disturbance.
SCOUT DRILLING
Scout drilling commenced late in the quarter at the Rorah Kadal
prospect located 800m southwest of the Cibitung deposit. One diamond
drill hole was completed, AC-053, and another is planned early next
quarter. The drill hole collar location is shown on Figure 1 and
summary geology on Figure 2. Significant results are summarised in
Table 1.
HOLE NO DEPOSIT/LODE DRILLED DEPTH LENGTH GRADE CORE
NAME FROM TO GOLD SILVER RECOVERY
(M) (M) (M) (G/T) (G/T) (%)
SCOUT DRILLING:
AC-053 Rorah Kadal 70.8 71.8 1.0 5.4 44 85.2
AC-053 Rorah Kadal 76.1 76.95 0.85 9.8 84 100
TABLE 1: DRILL RESULTS FOR THE RORAH KADAL PROSPECT (REPORTED AT A
3 G/T GOLD CUT-OFF).
EXTENSION DRILLING
Drilling commenced in early October to test for strike and plunge
extensions at the west dipping reverse faults, are major
features for gold mineralization. Other associated styles include
bedded reefs, spur reefs, saddle and neck reefs.
Review and compilation of the large amount of historic mining and
past exploration data has commenced with a view to building
structural and predictive models for the goldfield. These models will
then be used to select and prioritise targets for exploratory
drilling.
The deepest mines within the field were developed to around 350
metres below surface with most in the range of 100 to 200 metres
deep. At Bendigo, this style of mineralization is known to repeat
rhythmically to depths in excess of 1500 metres. The initial target
zone for the Company's exploration is within the zone between 100 and
500 metres below the surface.
SEBASTIAN - RAYWOOD PROJECT
The Raywood - Sebastian Project area lies 17 kilometres to the north
west of Bendigo and is located within the same structural corridor
that defines the Bendigo Goldfield. The company has Joint Venture
agreements covering two exploration licences with a total area of
81 sqkm. Approximately half of the area of the tenements is covered
by younger sediments of the Murray Basin and hence the basement has
not been explored for gold mineralization.
Historic production came from the Frederick the Great Mine at
Sebastian, which produced 186,000 ounces of gold at a recovered grade
of around 10g/t. from a west dipping fault reef. The mine was worked
to a depth of 270 metres before closure in the 1890's. Diamond
drilling below the old workings, carried out by WMC in the 1980's,
showed evidence of mineralization at 300 to 400 metres below surface.
The intersection returned 20 metres of carbonate alteration and
quartz veining and visible gold. No further drill testing of this
zone has been carried out.
More recently, a prior tenement holder, Metex Resources, began to
systematically explore for mineralization below the younger
sedimentary cover. Metex located the Mopoke anomaly under 20 metres
of cover rocks. Shallow RC drilling outlined a zone of auriferous
quartz mineralization in basement rocks that is 700 metres along
strike and varies from 75 to 150 metres across strike. Assay results
returned sporadic and spiky grades typical of this style of
mineralization. The drilling is too shallow and too coarse to
accurately define the mineralization but it does indicate the
presence of a hitherto undiscovered mineralized system. No further
definition drilling has been carried out on this prospect.
Compilation of existing mining and exploration data was commenced by
the Company during the Quarter, with particular reference to
available airborne and ground geophysical data. The initial aim is to
attempt to define major structural trends that may be related to
mineralization and which may be used to target exploration in covered
areas of the leases.
The Company is fortunate in having the Mopoke anomaly to use as an
orientation study for assessing geochemical and geophysical
techniques that may have application in locating mineralization under
younger cover rocks. Planning for this study is now complete and
field work will commence in the first quarter of 2003. As part of
this study, it is planned to drill one diamond hole into the Mopoke
anomaly to define the geological and structural nature of the
auriferous quartz mineralization.
CORPORATE
MANAGEMENT CHANGE
During the Quarter the Company appointed Mr Ian Price as its new
Managing Director and CEO. Mr Price's significant project and mine
operations experience will be advantageous to the Company as it moves
from a purely exploration to a mine development focus.
Mr Price replaced Mr John Carlile who will continue to provide his
substantial exploration expertise to the Company as a non-executive
director whilst Mr Bob Barton also joined the Board as a
non-executive director.
EQUITY IN CIBALIUNG PROJECT
In accordance with the terms of the goldfields along strike from the Bendigo Goldfield and the projects
are both designed to seek new occurrences of near surface repeats of
Bendigo style gold mineralization.
MT ALEXANDER PROJECT
The Mt Alexander Project is centred on the historic Mt Alexander or
Castlemaine Goldfield. The Company holds 213 sqkm of exploration
licences and 225 ha of mining licences encompassing all of the areas
of known production from this field. Recorded gold production totals
5.6 million ounces, of which the historic mining took place
in the period
1852 to 1890 and very little systematic modern day
exploration has been carried out.
The style of mineralization within the goldfield is typical of the
deposits within the Central Victorian Slate Belt. As at Bendigo,
Fault Reefs, associated with Joint Venture Agreement the
Company's interest in the Cibaliung Project increased to 73.02% at
the end of the third quarter 2002 due to sole funding of joint
venture expenditure.
EXPENDITURE
Exploration expenditure during the quarter was A$498,965 made up of
A$423,733 for the Cibaliung Project and A$75,232 for the Mount
Aleaxander Goldfields Project.
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